Square Cash rolls out: new payment option
Square Cash is a new payment platform offering a simple way for consumers to send money using only their email, or the Square Cash app, and a debit card. Unlike other payment services, you do not need a password, username, or lengthy setup process. And the best part is that there are no setup fees for sending or receiving money with Square Cash.
If you are ready to try it out, just download the app (Android and iOS), or use your own email account. If you opt for the app, simply download it, open the app, enter the amount you want to send, and tap “attach to email.” All that is left to do is enter your recipient’s email address and send.
After you send, you will receive an email from Square Cash asking for your debit card number, expiration date, and zip code. Your recipient will also get an email letting them know you have sent payment. It will then ask them to accept payment and once they have accepted, they can deposit the money into their own bank account in one or two business days.
Over the top simple
As mentioned before, you do not really even need the app. You can choose to use your own email and send money any time, any where. Simply create your email the way you normally would and CC email@example.com. Then, enter the dollar amount you want to send in the subject field and it will work the same way as the app.
If you are worried about your privacy, Square Cash has taken precautions to keep your information safe. While the app does not have a passcode protection feature, it does require confirmation emails from both parties. When you send with Square Cash, they verify your cryptographic signature from your email provider to ensure you did send the message and if your email provider does not have this feature, they send you an email that you must confirm before any Square Cash transaction is authorized.
And if you ever feel like your debit card has been compromised, you can easily unlink it from any browser, at any time. The use of Square Trade is limited in that it is only for customers in the US and only those customers who use Visa or MasterCard debit cards. There is also a weekly sending limit of $250, but this can be increased by completing a one-time identity verification. If you send money frequently Square Cash is definitely worth a look for what it can save you in transaction fees alone.